FM trying to ease compliance dates amid COVID-19

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Nirmala Sitharaman

As COVID-19 started taking toll of the economics, finance minister Respected Nirmala Sitharaman has given some relaxation to the dates of compliance.

Key Highlights of FM announcements

DIRECT TAX:

1. Last date for P/Y 2018-19 extended to 30.6.20
2. Interest in Delay of Tax Payment decreased to 9% from 12% for such period.
3. Interest on delayed Deposit of TDS (till 30/06/20) decreased from 18% to 9%
4. Dates for Notice/Filing/Intimation/Notification/Appeal/Sanction Order/Any other doc or compliance/Investment in saving investment or rollover benefit for CG etc. extended to 30.06.2020 (Compliances wrt CTT/Equalisation Levy/Blackmoney Tax Act etc. included) even where the time limit was post 31/3
5. Aadhar PAN Linking date extended to 30.06.20
6. Vivad se Vishwas Scheme extended to 30.06.2020. No additional charge of 10%

INDIRECT TAX:

1. GST+COMPOSITION RETURNS, date extended to 30.6.20. Different staggering dates will be applicable in the same way, for different regions. Refer to the press release for the same.
2. For Cos. Having turnover less than 5 cr. : No interest, penalty, fee for late filing.
3. Cos. Having turnover greater than 5 cr. No Penalty or Late fee.No Interest for 15 days but, Shall pay interest of 9%, post that.
4. Last date for opting composition scheme extended to 30.6.20
5. Sabka Vishwas Scheme for IDT: extended to 30.6.20
6. During Lockdown as well, Customs Clearance to operate 24×7 as an essential service, till 30.6.20.

MCA

1. MCA 21 registry there is a moratorium issued from 1 April 2020 till 30 September2020. There shall be no additional fees.
2. Period of holding boarding meeting are relaxed by a period of 60 days for next two quarters.
3. Applicability of CARO 2019 shall be applicable from 2020-2021 instead of 2019-2020
4. If independent director of company not attend even one meeting it shall not be considered as violation.
5. For newly incorporated cos commencement of business can be filled upto 1year
6. Residency clause relaxed if a director in company doesn’t reside in India for more than 182 days shall not be considered as violation
7. 20% deposit reserve date extended to 30 June 2020

IBC

1. threshold for default has been raised to 1 cr from 1lakh so as to prevent triggering proceedings against MSME.
2. If situation continues to persist till 30 April 2020 section 7 and section 9 and 10 of IBC may be suspended

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